can anyone help????
smithy44
Registered Posts: 31 Regular contributor ⭐
A question I am the treasurer for my daughters after school club and we have just received our accounts for last year. There is a line on the accounts stating Creditors: amount falling within one year, can anyone give me a definition of what this covers.
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Comments
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Creditors are the people you owe money too and amounts falling within one year are those amounts which are less than a year old.
I think that is correct .
hope that helps.0 -
You have short term creditors (less then 12 months) and long term creditors
current liabilities (short term)
trading creditors
VAT
PAYE
Accruals
Long Term (Non-current) Liabilities (due over 12 months)
Bank Loan
Director's loan
Mother-in-law's loan
Hope this helps0 -
I thought the director's loan account was a short term liability, i.e. a loan due within 1 year. Am I wrong?0
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Thanks guys, just wanted to make sure i wasn't thinking the wrong thing as i didn't agree with the creditors figure on the clubs year end accounts as it didn't tie up with what i had so i checked with the accoutant and he has changed it now were a making a profit not a loss, just shows nobody is perfect, but makes me wonder if we have the right accountant!!!0
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